Mexican President Enrique Peña Nieto selected Javier Guzman to be the next Deputy Governor of the Bank of Mexico and will send his nomination to the Senate for approval, the financeministry said on Thursday.

Guzman, a Yale-educated economist who has worked at the International Monetary Fund and the Center of Latin-American Monetary Studies (CEMLA), where he currently serves as director general, would replace the outgoing Jose Julian Sidaoui as deputy governor.

The statement gave no timetable for Guzman's appointment, which requires Senate approval.

Mexican central bank governor Agustin Carstens presides over four other deputy governors on the bank's board, and has the deciding vote in case of tied decisions.